Empty Nester Dilemmas: How to Manage Household Funds once the Kids have Moved Out
It's that time. The time you've both dreamed of and dreaded -
all of your children have left the nest.
As you're getting situated into your new lifestyle, it's important
to get your financial bearings reevaluated. With less people in your home, your
spending priorities will change. Instead of basking in all your newly available
funds, it's crucial to first assess some important household expenses and
- Less children means less groceries, laundry, paying to
attend their extra-curriculars on the weekends - the list goes on. Spending less each month allows
you to spend more on other things you may enjoy, but it's still important to
set up a financial plan that allows you to better manage your influx of funds. Talk
with a financial advisor to help you manage your money with your new goals in
- If you're a parent who is willing to financially help their
children get on their feet after moving out, make sure you are setting clear
boundaries. As a parent, we want to see our children grow into financially
responsible adults, and that requires being strict on what you're willing to
help them out with and what they need to take on for themselves. Without those
boundaries, you are impacting important financial areas in your life such as
- A home that once fit several people is soon to house only
two. Now is a good time think about your plans for renovating or moving. For
some, moving is not an option, but a renovation of an outdated kitchen or
bathroom might be the perfect choice - especially for resale value later down
the road. For others, downsizing is the best option. These both impact your
financial situation greatly, so take time to plan out your future living
- Something many older adults postpone for longer than
necessary is estate and retirement planning. It's normal to put your kids'
needs first and yours, such as preparing a will or evaluating your retirement
plan, on the backburner. But, now that you have more time, it is important to
begin those processes. As noted in Money Magazine, a study found that empty-nesters spend over half as much when
they're kids have left home than when their children were living at home.
This is a perfect illustration that highlights the importance of reevaluating
your saving strategy for retirement.
Fortunately, Telhio Credit Union is staffed with the best
financial advisors who can help you manage your finances in a way that best
serves your new lifestyle. Give us a call today at 614-221-3233.
Return to the blog archive